Credit Scores, Insurance A Toxic Relationship

January 1, 2012

Five years ago, our West Virginia state legislators approved a measures that allows insurance companies the right to use our credit scores to determine how we are charged for insurance. THIS IS WRONG ... And it must be stopped, NOW!

Your credit score is just that: yours! This method attacks three groups of people in West Virginia: the young (no established credit), the elderly (everything is paid for, so their credit drops), and the laid-off or displaced worker.

Insurance companies are supposed to check claims, on-time payments, and the length of employment. Last year, I caught two insurance companies attempting to overcharge me. If you don't pay it, they attack your credit report. Your rate goes up! I had to contest it. This year, my homeowners policy went up $350 when my wife's credit score had dropped. My youngest daughter had to have two cancer surgeries, and the bills we haven't gotten to yet (we have nine), were attached to her credit report.

We have had no claims on our home. I ALWAYS make my payments, and, my credit score was over 800 the last time I checked. However, as soon as the insurance company got the chance, they raised our rate. This is a vile method of business! I now have another insurance company ... again!

Our legislators are supposed to stand up for us. They have dropped the ball! They allow these companies to kick us when we're down!

The fix is simple: The Insurance Commissioner for West Virginia, Michael D. Riley, needs to send out a letter to all insurance companies that do business in West Virginia and tell them that this practice is no longer acceptable to the people of this state! Our Governor, Earl Ray Tomblin, and our elected officials need to get on board and back us up. If they can't get the job done, then we need to elect someone who can!

It is illegal and unconstitutional for and government, state or federal, to pass a law that guarantees a private institution's profits (eg. car insurance)!

Insurance of any kind is a luxury. A man has a right to feed his family first.